Here is some info on the two new residential developments near the TMC.

OST and Kirby
Mixed Use

The proposed development consists of a 4-story wood framed apartment building wrapped around a central garage facility. The ground level portion of the building fronting Old Spanish Trail will be retail space with the upper three levels being apartments.

Sitting on approximately 5.66 acres, the project is slated for 293 1-, 2-, and 3-bedroom units, for a total of 290,175sf (990sf average) of residential space. The ground-floor retail amounts to 17,516sf.

Construction Start - March 2007

Almeda @ OST

This 304-unit development is wrapped around a six-level, access-controlled parking garage that includes a total of 484 spaces. Proposed common area facilities include a clubroom, leasing center, demonstration kitchen, conditioned corridors, swimming pool and conversation pool, two additional highly landscaped and hardscaped courtyards, fitness center and business center. Anticipated unit amenities will include 10-foot ceilings, simulated wood flooring, granite countertops, track lighting, and stainless steel appliances.

The Texas Medical Center (TMC), one of the largest and most prestigious medical treatment and research centers in the world, has been experiencing significant new growth for the past two years. The TMC also established, in 1999, a 50-year master plan detailing a comprehensive strategy toward institutional growth, expansion of services, and enhancement of the physical environment. The TMC is beginning to see the initial fruits of the plan with the beautification of streets, new office buildings, the introduction of the first light rail in Houston (connecting the TMC to Downtown Houston to the north and Reliant Park to the south), and renovation of existing buildings. The future campus will further integrate a mixed-use (live/work) community, reflect a commitment to multi-discipline collaboration, ensure access with an emphasis on public transit, among other goals.

Oh, man! I've been wondering when someone was going to make a push into that area (OST @ Almeda). Lots of development opportunities there. Not so sure, though, about the OST @ Kirby location. Lots of traffic around Reliant Park may turn some potential buyers/renters off. I could be wrong, though.

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SUGAR LAND, TX-Eastbourne Investments and Wellington Development Co. get the last undeveloped corner at the crossroads of US Highway 59 and Grand Parkway. The plan is to break ground in Q1 2007 on a 384,000-sf power center.

Oil giant BP is planning a major expansion of its west Houston campus to accommodate 2,000 new workers over the next few years.

The company recently added 50 acres to the campus at Interstate 10 and West Lake Park Blvd. and plans to build a seven-story, 390,000-square-foot, environmentally-friendly building for its gas and power trading business.

The new BP project is another example of the construction boom in the Energy Corridor, an area along I-10 from Dairy Ashford to beyond Highway 6, that is home to major facilities for many energy companies.

Trammell Crow Co. announced earlier this year plans for 600,000 square feet of new office space at I-10 and Eldridge Parkway, while earlier this week Shell Oil Co. said it would build a 170,000 square-foot office building at Dairy Ashford for workers who find and produce oil and gas.

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The building construction and renovation work announced Thursday is expected to cost about $250 million, said BP spokeswoman Annie Smith, adding that planned future projects could push that total to about $660 million.

This project will include a new parking garage for 1,700 cars and widening of Grisby Road. Added parking is a priority since the BP campus currently has only 100 spare parking spaces, leaving many workers driving around trying to find an empty space near their office.

The later phases include a larger building for its onsite childcare center, new training and development buildings, and possibly a hotel with retail shops.

GALVESTON, TX-Spotting a niche for condominium housing near Scholes Field Airport, JMG Realty Co. of Atlanta has acquired the one-year-old, 264-unit Club of the Isle resort-style apartment complex for $41.3 million or $156,400 per unit. The seller was Houston-based Chaparral Group LLC.

"JMG plans to fill a much-needed niche on the island by converting the property to for-sale condominiums in the medium-price range," says Bill Miller, managing director in Dallas for Holliday Fenoglio Fowler LP. "Galveston's economy has grown tremendously in the past few years and is expected to set new records for 2006."

Miller says Club of the Isle "represents an excellent opportunity for the buyer to take advantage of current pent-up demand for condominium units on the island." HFF director Robert Casas worked with Miller in representing the seller.

The three-building property has seven different one-, two- and three-bedroom floor plans, averaging 982 sf. The 15-acre site is at 3433 Cove View Blvd. near the Scholes Field Airport and Galveston Island Municipal Golf Course in the Campeche Cove subdivision.

Community amenities include a pool, sand volleyball court, golf putting area, playground, fitness center, massage room and entertainment center. HFF's Miller says the buildings were built to hurricane specifications and rated to withstand wind gusts of up to 140 miles per hour.